Risk Management

Art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives

Protects the scope of the project(time,cost and quality)

Activities within the knowledge area

Initiating Planning Executing Monitoring & Control

Closing

Risk Management

• Plan Risk

Management

• Identify Risks

• Perform Qualitative Risk Analysis

• Perform Quantitative Risk Analysis

• Plan Risk Responses

Monitor and Control Risks

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The project team should review project documents and understand the organization’s and the sponsor’s approaches to risk

•Project Manager•Project Team•Risk Manager•Client/Business Line Owner•Stakeholders

most important to be carried out in this knowledge area

Monitor and control risk as you execute your project.

•- What are the specific types of risks•How are we going to mitigate•What are the mitigation strategies•Who all the people responsible•How much resource need

Challenges

• Inadequate Planning – Working on revising the entire plan

• Poor Definition of Scope – Holding meeting with the project customer and sponsor to clarify scope

• Poor Cost estimates – Revising cost estimates

• Poor time estimates – Revising schedule estimates